Cambridge Investment Research Blamed For Unsuitable Sale of REITs
Jared Bryce Roskelley of Scottsdale Arizona a stockbroker formerly employed by Cambridge Investment Research Inc. is referenced in a customer initiated investment related written complaint on July 28, 2017 where the customer sought $40,000.00 in damages based upon allegations that the customer was inappropriately placed in the Phillips Edison Real Estate Investment Trust – a real estate security which failed to provide the customer the liquidity that the customer needed.
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Roskelley is referenced in two more customer initiated investment related disputes pertaining to accusations of Roskelley’s violative conduct during the time that he was associated with SunAmerica Securities Inc. (also known as Sagepoint Financial Inc.) and DeGreen Financial, Inc. In particular, on March 1, 2005, a customer initiated investment related complaint concerning Roskelley’s activities was settled to resolve allegations that while Roskelley was associated with SunAmerica Securities and DeGreen Financial, excessive or unreasonable asset management fees had been charged to the customer in reference to a variable annuity that the customer purchased.
Subsequently, Roskelley was named in a customer initiated investment related arbitration claim which settled for $240,000.00 in damages supported by accusations that misrepresentations were made to the customer; fiduciary duties had been breached; contractual obligations to the customer were violated; the firm or Roskelley’s conduct ran afoul of Arizona regulations and securities laws; the customer’s account was handled in a negligent manner; the customer had been defrauded; and the firm failed to supervise the customer’s investments. FINRA Arbitration No. 10-01800 (Nov. 29, 2010).
FINRA Public Disclosure also confirms that Roskelley has been suspended by National Association of Securities Dealers (NASD) based upon Roskelley’s consent to findings that Roskelley sold away from SunAmerica and DeGreen Financial. Letter of Acceptance Waiver and Consent No. E3A2004033701 (Dec. 1, 2005). According to the AWC, Roskelley referred a customer to an outside company, FOR 1031, to effect 1031 Exchange. Evidently, Roskelley’s involvement led the customer to use $2,214,069 in proceeds from the sale of the customer’s properties to buy the investment Roskelley recommended. Roskelley was reportedly provided $44,281.00 in compensation as a result. However, Roskelley evidently had not informed SunAmerica about his private securities transaction. Consequently, NASD found Roskelley’s conduct violative of NASD Rules 2110 and 3040.
Roskelley has been registered with Raymond James Financial Services Inc. since April 18, 2016.